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Summary Entrepreneurship and Innovation 244 Notes
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Comprehensive summary of the whole Entreps 244 module
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By: kerrinleighdenobrega • 2 year ago
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DOPE NOTESENTREPRENEURSHIP & INNOVATION
244
,ENTREPRENEURIAL SMALL BUSINESS 244
SUMMARIES
CHAPTER 1
SMALL BUSINESS: ITS OPPORTUNITIES
DOPE NOTES 1 dopenotes.co.za
,Starting an Entrepreneurial Small
Business: Four Key Ideas
• Believe that you can do this
o Those who have belief in themselves and in the passion of their beliefs
are more likely to keep at it until they succeed
• Planning + Action = Success
o Success comes from having the right sort of plan to get you to the right
actions as quickly as possible
• Help helps
o Those who get help succeed bigger and more often
• Do well. Do Good
o In the long term, you will depend on partners, investors, employees,
customers and neighbours so do well for others
• Small business
o Involves 1 – 50 people and has its owner managing the business on a
day-to-day basis
• Self-efficacy
o A person’s belief in his/her ability to achieve a goal
DOPE NOTES 2 dopenotes.co.za
, Entrepreneurs are everywhere
• There are entrepreneur-rich occupations that require college and even
graduate school, there are also occupations popular with entrepreneurs with
very basic requirements
• Truly entrepreneurial businesses are characterised by novelty in their
products, services or business models
• Small businesses are imitative in nature, with most small firms doing what
other firms do, with only slight variations
• Who is an entrepreneur?
o Anyone who owns a business is an entrepreneur
o Anyone who is a small business owner is an entrepreneur
o The self-employed are entrepreneurs
• Within the population of entrepreneurs, it is useful to split out certain groups
o Founders
§ People who create or start new businesses
o Franchise owners
§ A franchise is a pre-packaged business bought, rented, or
leased from a company called a franchisor
o Buyers
§ People who purchase existing businesses
o Heirs
§ A person who becomes an owner through inheriting or being
given a stake in a family business
DOPE NOTES 3 dopenotes.co.za
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